Functional local govt system, key to addressing nation’s economic challenges

All over the world, local governments play crucial roles in the economic development of their communities. As leaders of Local Economic Development (LED), local government authorities work with the people of their communities to develop strategic visions for the future of their cities, towns, and villages, and implement a wide variety of policies and measures…

What CBN’s special bills mean for banks, economy

The Central Bank of Nigeria’s Special Bills creates an avenue for banks to retrieve their excess Cash Reserve Ratio (CRR) cash idling away at the apex bank’s coffers at zero-interest while also aiming to control liquidity and deepen the financial market. On Wednesday, the CBN announced that it was introducing what it called 90-day special……

FG waives N1.3trn in Import Duty, VAT

By Bashir Bello The Federal Government yesterday, said it has waived import duty and Value Added Tax, VAT, valued at about N1.3 trillion in addition to other incentives in nine years to 2019. The Minister of Finance, Budget and National Planning, Hajia Zainab Ahmed, disclosed this during a one day sensitization seminar on automation of…

Industrial space, innovation seen repositioning Nigeria’s 41.5m MSMEs

Entrepreneurship experts have identified the provision of industrial space, innovation, removal of multiple taxation, and collaboration as ways of repositioning millions of Nigerian small businesses in the face of the Covid-19 pandemic. Speaking at the webinar organised by the SME Group of the Lagos Chamber of Commerce and Industry entitled ‘Repositioning SMEs for Growth in……

Business activities crippled at Apapa port as rail contractor blocks terminal, exit gate

Business activities at the Apapa container terminal, operated by APM Terminals, were paralysed on Wednesday as the contractor handling the rail project at the Apapa port mobilised to the site, blocked the truck exit gate, and began demolition of structures in the terminal. The action of the Chinese rail contractor has hampered Customs inspection, release,……